STOCKS
Overall Global indices are looking strong and bullish for the near term. But as mentioned earlier, the exhaustion levels for the indices are not very far. We could soon see a sharp correction in the medium term.
Dow (23435.01, +0.25%) is trying to move up again after a few sessions of sideways consolidation. A rise towards 23600 and higher is on the cards for the medium term.
Dax (13465.51, +1.78%) is almost there at our target of 13500. Further upside could be limited just now as resistance above current levels could bring in some rejection as seen on the 3-day candles. Only on a break above 13500-13550 levels if seen, we would have to shift our focus towards 13800 levels. But for now, we prefer a rejection from 13500-13550 levels in the coming sessions.
Nikkei (22458.30, +0.17%) closed at higher levels today also. While the upward momentum remains intact, or target of 22666 could be tested soon. Thereafter the index is likely to see a corrective dip from there for the medium term. A failure to come off from 22666 levels would be a surprise and the index could be indicating a much larger rally than currently expected. Wait and watch crucial levels of 22666.
Shanghai (3383.40, -0.37%) has come off from levels of 3400 but is trading within the broad 3425-3360 region. A rise back towards 3425 is on the cards for the coming sessions.
Nifty (10440.50, +1.02%) has surprised in the near term by breaking above 10400. Now it could be headed towards 10500-10600 levels where it could be forming a medium term top. A corrective fall from there looks more likely.
COMMODITIES
Gold (1279.52) has started to rise from lower levels of 1263 and could possibly test 1285-1290 on the upside in the next 2-sessions. A rise towards 1300 looks likely and could be boosted by a weaker or a stable Dollar Index in the near term.
Silver (17.14) has risen sharply but could face some rejection near 17.25 or higher at 17.50 in the near term. Immediate view is bullish.
Brent (60.60) has come off slightly from 61.60 and if that holds, a sharp rejection towards 59.50 or lower is possible in the coming sessions.
WTI (54.33) is also trading lower and could come off in the near term. View looks bearish for the coming sessions.
Copper (3.1475) may rise towards 3.25 again in the next few sessions. Price looks strong just now.
